I think what happened with the lira (after election announcement) a couple of weeks ago was not dissimilar to the "new manager bounce" often referred to in football when a poorly performing manager is sacked and a fresh face brought in.
It's still well over five to the euro, and you are correct about the dollar - record low this morning. It is slowly but surely losing strength against sterling and currently sitting at 5.80, down from 5.54 in the days immediately subsequent to the election announcement. It wouldn't surprise me to see 5.90+ against sterling be the end of the week and 4.40+ against the dollar. On the other hand the TCB might pull a rabbit out of a hat...
One of the main issues appears to be the central banks inability to curb inflation, currently sitting just under 11%. Standard and Poors also downgraded Turkey's rating again, and amongst the areas of concern they cited the consistently missed inflation targets.
JF